TEL AVIV, Israel and BETHESDA, Maryland, Sept. 18, 2018 /PRNewswire/ -- Cannabics Pharmaceuticals Inc. (OTC: CNBX), a leader in personalized cannabinoid medicine focused on cancer and its side effects, today announced that its partner, Eroll Grow Tech (Seedo), has acquired the majority of shares in GRCR partners, which is publicly traded on the OTC market under the symbol GRCR, as announced yesterday.
According to the transaction agreement, Eroll Grow Tech Ltd. (Seedo) will merge its operational activities into GRCR. Cannabics Pharmaceuticals, which provided funds for the transaction, shall eventually receive 13.6% of the merged company, along with a Promissory Note of $350,000 debt owed by Seedo.
"Our involvement with Seedo is continuing to grow. We are glad to see the optimistic responses we are receiving in from both potential partners as well as the media to what we believe will revolutionize personalized medical marijuana," said Eyal Barad, CEO of Cannabics Pharmaceuticals.
"We are also moving ahead with our vision as a part of the platform to build commercialized automated growing platforms to be able to guarantee stable, consistent pharmaceutical grade cannabis worldwide."
"Cannabics Pharmaceuticals will be a very active partner in the development of an automated platform for personalized medical cannabis home grow," Zohar Levy, Seedo's CEO, said: "We thank Cannabics Pharmaceuticals for their trust in our vision and in our company. We have now concluded our pre-order phase and will soon commence delivery."
About Cannabics Pharmaceuticals Inc.
Cannabics Pharmaceuticals Inc. (CNBX) is a U.S public company that has developed a platform which leverages novel drug-screening tools and artificial intelligence to develop cannabinoid-based therapies for cancer that are more precise to a patient's genetic profile. By developing tools to assess effectiveness on a personalized basis, Cannabics is helping to move cannabinoids into the future of cancer therapy. The company's R&D is based in Israel, where it is licensed by the Ministry of Health to conduct scientific and clinical research on cannabinoid formulations and Cancer.
Seedo is an Israeli company with Subsidiaries in the US and Europe, that developed the world's first fully-automated device managed and controlled by an artificial intelligent algorithm and monitored by smart phone App. Seedo lets consumers grow their own herbs and vegetables in the comfort of their own home, effortlessly. Seedo controls and monitors the growing process, from seed to plant, while providing optimal lab conditions to assure premium quality produce year-round. Company goal is to simplify the growing process, making it accessible for everyone, with no compromising on quality. Visit Seedo at: www.seedolab.com.
Certain statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, Cannabics Pharmaceutical's latest 10-Q Report filed on July 16th, 2018. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Cannabics Pharmaceuticals Inc. which are condoned by the Company must emanate from the Company itself, and bear our name as its Source.
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SOURCE Cannabics Pharmaceuticals Inc.